Banca Transilvania grows Q1 profit and sees slight revival of lending

Romanian lender Banca Transilvania saw its operational profit growing more than two fold in the first three months of the year, compared to the same period of last year, the bank has announced. BT, which is listed on the Bucharest Stock Exchange, posted a gross profit of around EUR 51 million. Its net profit stood at EUR 3.8 million. Provisions deducted from the profit in the first three months of the year stood at EUR 42 million. However, the bank has only 5.64 percent non-performing loans out of its total portfolio of loans. “As expected, the first part of the year was not easy at all. But we have adapted and we think we have found the opportunities which allow a prudent growth for our bank,” said Robert Rekkers, general manager with Banca Transilvania. The bank's assets went slightly down by 1 percent for the amount in local currency, reaching around EUR 4.7 billion in the first quarter of the year. The assets calculated in EUR showed an upwards trend of 2.3 percent compared to end of 2009. The bank saw lending going slightly up in this first quarter, with a 2.25 percent increase.